Southside Bancshares, Inc. (NASDAQ:SBSI – Get Rating) declared a quarterly dividend on Thursday, August 4th, Zacks reports. Stockholders of record on Thursday, August 18th will be given a dividend of 0.34 per share by the bank on Thursday, September 1st. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Wednesday, August 17th.
Southside Bancshares has increased its dividend payment by an average of 4.5% per year over the last three years and has raised its dividend annually for the last 29 consecutive years. Southside Bancshares has a dividend payout ratio of 40.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Southside Bancshares to earn $3.37 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 40.4%.
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SBSI opened at $41.36 on Tuesday. Southside Bancshares has a 1 year low of $35.44 and a 1 year high of $45.36. The firm has a 50 day moving average price of $38.24 and a 200 day moving average price of $39.73. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.64 and a current ratio of 0.64. The company has a market cap of $1.33 billion, a PE ratio of 12.38 and a beta of 0.57.
Southside Bancshares (NASDAQ:SBSI – Get Rating) last posted its quarterly earnings data on Monday, July 25th. The bank reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.03. Southside Bancshares had a net margin of 40.84% and a return on equity of 13.17%. During the same quarter last year, the company earned $0.65 EPS. Sell-side analysts expect that Southside Bancshares will post 3.31 earnings per share for the current year.Wall Street Analysts Forecast Growth
Several research analysts have recently commented on SBSI shares. Stephens lifted their target price on Southside Bancshares to $43.00 in a research report on Tuesday, July 26th. Piper Sandler lowered their price objective on shares of Southside Bancshares to $41.00 in a research report on Monday, July 4th.
Insiders Place Their Bets
In other Southside Bancshares news, insider Cindy Blackstone sold 2,005 shares of the firm's stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $39.44, for a total value of $79,077.20. Following the sale, the insider now owns 2,021 shares in the company, valued at $79,708.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.70% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Southside Bancshares
Several hedge funds have recently modified their holdings of SBSI. Quantbot Technologies LP purchased a new position in Southside Bancshares in the second quarter valued at about $105,000. Cubist Systematic Strategies LLC grew its holdings in shares of Southside Bancshares by 84.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 12,100 shares of the bank's stock worth $453,000 after purchasing an additional 5,553 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of Southside Bancshares during the second quarter worth approximately $596,000. MetLife Investment Management LLC raised its holdings in Southside Bancshares by 53.7% during the 1st quarter. MetLife Investment Management LLC now owns 17,437 shares of the bank's stock worth $712,000 after purchasing an additional 6,090 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Southside Bancshares by 14.3% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,891 shares of the bank's stock worth $1,139,000 after acquiring an additional 3,497 shares during the period. 51.25% of the stock is currently owned by institutional investors and hedge funds.
About Southside Bancshares
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Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposit.
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